29th May 2013
Consumers complained to the Financial Ombudsman Service (FOS) in record numbers last year, as the fallout from the payment protection insurance (PPI) mis-selling scandal continued and financial services customers became more aware of their rights.
In its annual review, published on Wednesday, the FOS said it had received more than 2m inquiries and complaints from consumers about a range of financial problems – more than 7,000 each working day. It investigated a record 508,881 − an increase of 92% compared with the previous year.
The FOS said it investigated 378,699 cases concerning PPI, after complaints that banks had failed to deal with claims properly doubled.
The organisation, which settles disputes between consumers and financial businesses, said PPI claims accounted for almost three-quarters of its workload in 2012-13, suggesting the mis-selling scandal that has haunted UK banks in recent years is far from over.
Source: The Guardian
Posted in PPI, UK Banking, PPI Scandal, FOS, Ombudsman